Benefits of ERP for the Financial Area

At this time, the main motivation of some companies for choosing ERP is to achieve an improvement in the management of their financial area. Sometimes they rush into the decision without taking into consideration the real contribution of the implementation in relation to the benefits that may provide this section with.

The Field

The high complexity and competitiveness of the market, due to continuous changes in a global environment, requires efficiency and effectiveness in the management of companies. To guarantee minimum levels of profitability it is necessary to contribute with creativity new ways to succeed. The first issue that needs to be understood in this context is the bi-directional relationship of the different areas and processes of the company. If only the financial indexes are considered, it will not reflect the reality. Nowadays team work is required which includes the planning and administrative functions of all the corporate areas.

The use of ERP in the Financial Department is a great way to maintain the accounting updated in a reliable and precise way. As the centre of the financial activities of the system, the General Accounting helps to capture and integrate the transactions made inside the module, allowing you to see the influence in financial terms over the enterprise as a joint system.

Features

The system allows the use of measure units in accountable motions. The register of entry of the Daily are displayed in a complete way. It allows you to record the entries on annual closed terms and to block package entries. This function permits that two users work in different entries in the same accounting package. The MS-Excel is a commonly used source, and ERP provides security in the access of the use macros; through the use of an MS-Excel book it is possible to connect to different companies, and through one single electronic page you can connect to different databases.

In order to maintain a proper order and record of all the activities, all the details related to audits include information regarding who made an entry and when, as well as who created and modified the last time. To make simpler the display according to the needs, there is the option of filtering the details by date of entry. It also is compatible with Microsoft Excel for generating financial status.

One of the general worries of potential users is how to avoid the deletion by mistake with details important for the running. Consequently, you can program it to block the modification of details from auxiliary accounts.

Since the global economy is a generality, the program has the feature to handle double currency, with automatic and flexible conversion. Furthermore, balances could be generated in both currencies.

This system does not require special closing, which allows you to introduce retrospective entries.

It offers the possibility of generating two types of reports: Verification Balance and an Entry Balance.

It has the ability to execute a double accounting closing (local and corporate) and the possibility of registering the motions in new fiscal periods without having closed the previous period.

One of the most important characteristics appreciated by the users is that the accounting information of several years can be maintained online without affecting the performance; and it also has specific features to leave tracks of audits to determine the origin of the transactions.

The systems could be integrated with other modules for the automatic reception of accounting entries and it allows the accounting consolidation of an unlimited number of enterprises, in an unlimited number of levels, which constitute a hierarchical pyramid that could be represented as a tree. All the accounting periods are flexible and totally defined according to particular requirements.